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Table IX-6 <br /> Vacant Land Credit <br /> Total Value of Vacant Land - Countywide( l ) $ 13080 , 819 ,230 <br /> Value of 2-Mills of Vacant Land(') $29161 ,638 <br /> Percent of Five-Year 2 -Mill Revenue Used for Capital Expansion(3 ) 27 . 3 % <br /> Value of 2-Mills of Vacant Land Used for Capital Expansion(4) $ 5909127 <br /> Total Five-Year Average Annual Students(5 ) 169266 <br /> Value of 2-Mills of Vacant Land Per Student(6) $36 . 28 <br /> Capitalization Rate 5 . 00% <br /> Capitalization Period, Years 25 <br /> Present Value of Annual Vacant Land Revenue(7) $511 .33 <br /> ( 1 ) Source : Property Appraiser, IRC <br /> (2) Total countywide value of vacant land (Item 1 ) apportioned to the 2 -mill revenues generated <br /> for the IRC School District. <br /> (3 ) Source : Table IX- 5 <br /> (4) Value of 2-mills of vacant land (Item 2 ) multiplied by the percent of five-year 2 -mill revenue <br /> used for capital (Item 3 ) . <br /> (5 ) Source : Table IX-3 <br /> (6) The 2 -mill revenue per student figure is calculated by dividing the value of the 2 -mill revenue <br /> from vacant land used for expansion (Item 4) by the average annual number of planned <br /> student stations (Item 5 ). <br /> (7) The present value of the 2-mill revenue per student (Item 6) at capitalization rate 5 percent <br /> over a period of 25 years . <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard, there are no existing <br /> deficiencies of public school facilities . While there are no existing deficiencies, adopting <br /> the current LOS as the standard does, in fact, create the need to expand facilities in the <br /> near future to meet the needs of new growth . <br /> Net Impact Cost per Student <br /> The following table provides a summary of the three revenue credits discussed <br /> previously, with the result being the net impact cost per student of $ 5 , 321 . <br /> err+' <br /> Tindale-Oliver & Associates, Inc . Indian River County <br /> February 2005 IX- 13 Impact Fee Study <br />